Swiss Re estimates quake bill at $1.2bn

Insurer Swiss Re has estimated that it faces claims from the Japan earthquake and tsunami of about $1.2bn (£738m).

But the world's second largest re-insurance firm said the actual figure may not be known for several months.

Analysts have estimated that the insurance industry's final bill could reach $35bn, excluding any impact from problems at the nuclear power plants.

Last week, US insurance giant AIG said its claims from the disaster would be at least $700m.